US President Joe Biden announced his 2025 budget proposal, which also includes cryptocurrencies.
US President Joe Biden March 12 day 2025 budget proposal explained. The proposal in question also included cryptocurrencies, very similar to last year. This proposal, called the “Green Book”, is from cryptocurrency miners. 30% tax recommending taking Wash-trading It was also requested that the issue of (fake volume) be addressed.
Wash-trading is an attempt to inflate the volume of an asset through fake trades. While these transactions are considered an obvious crime in traditional finance, the same laws are demanded to be applied to the cryptocurrency sector.
Similar proposals were made last year, but As a result of long and intense discussions These tax demands were not included in the law because they did not receive approval.
In the new proposal, in the section covering cryptocurrencies, “Closing loopholes that benefit wealthy cryptocurrency investorsIt was stated that:
The budget saves billions of dollars by closing other tax loopholes that largely benefit the wealthy and the largest, most profitable corporations. These include tax-preferred retirement incentive reforms to ensure that the ultra-rich cannot use these incentives to accumulate tax-free wealth; preventing the super-rich from abusing life insurance tax shelters; closing a loophole that benefits wealthy crypto investors; and ending the tax break for corporates.